ICC Labs Files Results for the Year Ended December 31, 2017

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| Source: ICC Labs Inc.

2017 Highlights:

  • Closed Cdn.$23 million bought deal financing.
  • Commenced sales of recreational cannabis in Uruguay.
  • Completed construction of 21,528 sq. ft. greenhouse in Uruguay for the production of cannabidiol (“CBD”) strains of cannabis.
  • Entered into a memorandum of understanding and presale agreement with Emblem Corp. (TSX-V:EMC) for the sale of CBD dry flower.
  • Entered into a memorandum of understanding and presale agreement with Grupo Fenix (through Energia y Vida de Mexico S.A. de C.V.) for the sale of 120,000 thirty millilitre bottles of CBD oil in Mexico.
  • Entered into a presale agreement with Brasliv through Brasliv Import and Export for the sale 180,000 thirty millilitre bottles of CBD oil in Brazil.
  • Entered into term sheet for proposed strategic investment in Global Group Kalapa S.L. based in Spain to get a strong foothold in the European markets.

2018 Highlights to Date:

  • Obtained all of the medicinal cannabis production licenses currently available in Colombia.
  • Entered into agreement with ARA – Avanti RX Analytics Inc. (now a subsidiary of Aphria Inc. (TSX:APH)) for the sale of CBD crystal.
  • Entered into a framework and collaboration agreement for research and development with the Pasteur Institute of Montevideo, an internationally renowned research institute.
  • Executed a term sheet with Sundial Growers Inc. for the sale of CBD crystal.
  • Entered into a letter of intent with Eurofarma Uruguay S.A. with respect to the blending, bottling and packaging of ICC Labs’ products.
  • Commenced construction of a 124,000 sq. ft. greenhouse in Colombia for the production of medicinal, high-THC strains of cannabis.

VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) --  ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce it has filed its audited financial results for the year ended December 31, 2017.

The audited financial statements and management discussion and analysis for the three months and year ended December 31, 2017, will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on ICC Labs’ website at www.icclabs.com.

“2017 was a transformational year for the Company with the commencement of sales of recreational cannabis in Uruguay, the development of more than 400 acres of high CBD hemp production, and breaking ground on South America’s first fully licensed CBD extraction laboratory, which is being built in accordance with international Good Manufacturing Practices (GMP) specifications”, commented Alejandro Antalich, Chief Executive Officer of ICC Labs.  “ICC Labs will continue to expand its production footprint through its Colombian operations and seeks to become Latin America's leading, fully-integrated and low-cost producer of cannabinoid pharmaceutical grade products for medicinal use.”

Investor Relations

The Company is pleased to announce that it has engaged Hybrid Financial Ltd. (“Hybrid”) to provide strategic investor relations and shareholder communications services with respect to the European market. Hybrid is a sales and marketing company, with offices in Toronto and Montreal, Canada. Under the terms of the engagement, which is for an initial three month term, Hybrid will be paid a one-time fee of €15,000 and a recurring fee of €25,000 per month. Hybrid will also be granted options to purchase up to 300,000 common shares in the capital of the Company with a five year term and an exercise price of Cdn.$1.44, vesting at a rate of 75,000 options on receipt of TSX Venture Exchange (“TSX-V”) approval and 75,000 options thereafter quarterly. The appointment of Hybrid is subject to the approval of the TSX-V.

Excluding certain options previously granted to Hybrid in connection with its previously announced investor relations services, Hybrid has no direct or indirect interest in the Company or its securities, or any right or intent to acquire such an interest.

ABOUT ICC LABS INC.

ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting the responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance and the highest standards for quality and safety.

For more information, please visit www.icclabs.com.

Contact:
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
t: 598-2900-0000
e: ir@icclabs.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: receipt of the requisite regulatory approvals required and ICC Labs’ ability to close the transactions contemplated by the various term sheets, pre-sales agreements and letters of intent; to complete construction of its CBD extraction laboratory; and to commence production in Colombia.  Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.